Whether to outsource the billing operations to an
independent medical billing company or opt for an in-house billing
department is often a dilemma faced by most physicians. Medical Billing
Service. Physicians today are inundated with various challenges posed by
modern day regulations in the healthcare industry. Thus given the time
constraints, managing the day to day practice operations becomes
increasingly cumbersome, especially without an efficient billing solution.
Recent surveys also indicate that hiring additional resources for billing
can result in an increase in practice expenditure and overheads, especially
for smaller practices. QS Billing enables providers to benefit from
experienced and knowledgeable resources at an affordable cost – a percentage
of the collections. However, experiencing reduced costs is not the only
benefit of QS Billing. There are often cases where claims have been rejected
because of errors in coding along with unnecessary delays. Having a QS
Billing Specialist dedicated to streamlining the revenue cycle can reduce
such errors and ensure quicker turnarounds, ultimately improving practice
cash flow and profitability. According to a study conducted by Software
Advice, an outsourced billing service is likely to increase collections by
up to 10%. With QS Billing, the chances of fraudulent occurrences in-house
are eliminated. As we charge a percentage of the actual collections for each
provider, QS Billing ensures timely and efficient collections. Managing
these operations for multiple clients, we can easily spot discrepancies in
financial workflows and provide detailed performance reports on a regular
basis, comprehensive financial analysis on a periodic basis and recommend
strategies to enhance profitability.

Providing quality care,
reducing costs and increasing revenues for the practice are the primary
concerns for any physician. This is the reason why choosing an appropriate
billing service has always been a crucial issue for every practice or
physician.

There are several pros and
cons of in-house medical billing. Today, with the emerging concerns about
security breaches, many practices prefer opting for an in-house billing service.
The reason is simple; with the practice managing the billing operations and
maintaining patient data itself, the probability of expected security breaches
could be significantly reduced. Another important advantage of an in-house
billing team is that the daily operations can be closely and easily monitored,
which would ultimately result in more accountability and transparency. Moreover,
any changes required during the billing process can be entertained
instantaneously ’ thereby eliminating unwanted errors and unnecessary delays.

However, there is a darker
side of the picture as well. According to recent surveys, in-house medical
billing can result in increased expenditure for practices. Depending on the size
of the practice, the provider would have to hire additional resources to perform
the billing operations. On top of that, deploying additional technology in terms
of both hardware and software would also contribute in adding up the overheads.
This illustrates that in-house billing might not be as cost effective, and
maintaining an optimum cost structure is obviously one of the major concerns of
smaller practices.

Having said that, let’s
consider the benefits or drawbacks of an outsourced medical billing service.
Practices which are in favor of outsourcing medical billing proclaim that with a
third party monitoring and managing billing operations, the chances of
fraudulent or negligent instances can be significantly reduced as they have
years of industry experience which makes it easier to identify discrepancies in
financial reports, as compared to an in-house billing staff. Industry renowned
billing companies are also known for providing their clients with comprehensive
reports on a regular basis ’ helping them increase profitability.